NexGen Energy Ltd.

Thank you for standing by. This is the conference operator. Welcome to the NextGen Energy first quarter 2026 results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the speaker's remarks, there will be a question and answer session at the end. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Mr. Lee Currier, Chief Executive Officer and Director with NextGen at G-Limited. Please go ahead, sir.

Thank you, Bessie. Good morning, and thank you for joining NextGen's Q1 2026 Financial Results and Investor Conference Call. My name is Lee Currier and I am the Chief Executive Officer. Today I am joined by Travis McPherson, Chief Commercial Officer, Ben Salter, Chief Financial Officer, and introducing to our quarterly calls, considering we are now entering into construction of this globally significant Rook One project, Chris Copley, NextGen's Project Director, Engineering and Construction. During the call, I will highlight NextGen's milestone achievements over the first quarter of 2026 including the final federal approval for the Rook One project, provide an update on the 2025 site construction program, upcoming plans for the construction phase, as we have already made the final investment decision, provide an update on some incredible drilling results released just this morning at our exciting PCE discovery, and speak to the next-gen strategy as we optimally advance towards production. At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you'll have the opportunity to ask Travis, Ben, Chris and myself any questions you may have. Throughout the course of today's call, we'll be making forward-looking statements, so please visit our website for all the relevant disclaimers. In just the first few months of 2026, there's already proved to be a defining period for NextGen, marked by significant milestones. none bigger than the optimal final approval of the Rook 1 project for construction. Following NextGen's successful completion of the two-part Canadian Nuclear Safety Commission hearings on March 5, 2026, the CNSC then issued NextGen its licence to prepare site and construct the Rook 1 project, 14 business days after the conclusion of the Part 2 hearings. The approval process and response speed was a testament to the strength of the technical submission, NextGen's early and transparent communication with regulators, and the deep, genuine relationships established with local Indigenous nations and stakeholders over the past 13 years. This approval represents one of the most comprehensive regulatory processes undertaken for a resource project globally. It is the result of an unrelenting focus since 2013. I would also like to take the opportunity to congratulate Denison Mines and CEO David Cates in the approval of their Phoenix project. We, NextGen, have moved with purpose and clarity to deliver a new standard for resources development, one where we encourage all stakeholders to expect better. NextGen's culture of innovation, open-mindedness and continuous improvement have cultivated significantly better outcomes across the board, for all stakeholders, and this will continue as we optimally progress through construction and into operation, where we will be the most significant new entrant into the mining sector in a generation. Nearly two months into the Middle East disruption, the global energy system is not just absorbing a supply shock, it's being structurally reshaped by it. The effective closure of the Strait of Hormuz has exposed how vulnerable and interconnected the global energy system truly is, highlighting the risks of over-reliance on hydrocarbons, particularly in geopolitically vulnerable regions. And so energy security is no longer being defined by access alone, but by resilience, the ability to withstand disruption. That means nuclear. domestic generation growth and capacity, and critically reducing exposure to geopolitical choke points. Nations have been forced to reassess their energy strategies in real time, which has ultimately accelerated focus on nuclear power as a reliable, sovereign energy source. This is particularly true given the massive demand growth for power anticipated from electrification of transportation and industrial systems as well as data centres. These are new parts of the industrial landscape that are building new power generation for material electrical needs, that are choosing systems that provide highly efficient, high output, reliable nuclear energy. Historically, oil shocks have acted as a catalyst for structural change in energy policy, and this recent conflict is already being described as the most significant energy shock in modern history. With oil and gas still accounting for approximately 60% of global primary energy supply, a policy response prioritising security, stability and diversification is inevitable and has been transitioning following the impacts to energy supply chains due to the Ukraine war. The direction is clearer than ever. Nuclear energy is not optional in the energy mix. It is essential to delivering long-term energy security and with the betterment of industry and civilisation. There are currently 79 reactors under construction with operating capacity established within the next five years will total an additional 18% to the global nuclear electrical grid. This global shift is occurring at a time when high-quality scalable uranium supply is scarce and depleting rapidly. placing a premium on projects with the jurisdiction, geology and technical capability to deliver, positioning Rook One's project as the most valuable and strategic resource globally. The reality is current mine supply is under stress in maintaining current production levels, let alone growing current production. The economic consequence is that the current production is becoming increasingly higher in cost as mines head into the latter years of their useful lives. To underpin this reality, one just needs to review the last 10 years. Uranium prices have risen from $17 a pound to $100 a pound, and there has effectively been no new material supply response. That's because there isn't purely a uranium price challenge. It's far broader, incorporating Discovery Challenge, Permitting Challenge, CapEx Challenge. It requires significantly elevated uranium prices over a significant amount of time to begin to solve this challenge. For NextGen, the supply-demand backdrop and limited market buffer continues to reinforce our marketing strategy, one that can be summarised as maximising the value of every pound produced by maximising the leverage to future uranium prices. Our strategy is being received by the market well as it undeniably benefits all participants by ensuring a more transparent and liquid market is developed and that both suppliers and consumers are able to respond to market changes with certainty to underpin the billions of dollars currently being deployed on a scale never witnessed before into nuclear energy infrastructure. As the company most exposed to the future prices of uranium globally, NextGen will be able to maximise value in this highly constructive backdrop of structural supply deficits. Our strategy and structuring of off-take agreements to optimise the return on every pound produced has not been commonplace amongst producers over the past years and decades, but it's pleasing to see this NextGen approach is now being reflected more broadly amongst industry participants. and can only act in the best interest of all participants for a sustainable and successful industry. With respect to our contracting activities, we continue to advance multiple off-tape discussions with utilities across the US, Europe and Asia Pacific. We expect to formalise additional agreements through 2026 with an unrelenting commitment to maintaining our leverage to future uranium prices, whilst providing customers access to an incredibly strategic supply source. As the structural supply deficit widens, the window to make meaningful new discoveries is now, and our unparalleled ability to deliver new, high-quality supply will play a critical role in meeting the world's future energy needs. Our winter drill program at Paterson Corridor East, PCE, continues to deliver highly encouraging results, further highlighting both the scale and growth potential of PCE. We've increased the vertical extent of the high-grade subdomain by 33% to 550 metres vertical, with a growing strike length of over 200 metres, reinforcing the size of the system. Recent drilling continues to demonstrate strong continuity of high-grade mineralisation across multiple holes, with wide intercepts and clear extension at depth, and importantly, the system remains open for further expansion. In parallel, we are also seeing early indications of a separate parallel trend, highlighting the potential for multiple zones of mineralisation within the broader PCE system. With only 30% of the 42,000-metre drilling program completed for 2026, a significant summer drilling program is about to commence in late May, and we see substantial opportunity for further growth of the system. Advancing this drill program methodically and responsibly today is how we ensure we are ready to be a reliable Western supplier for many decades to come. As construction activity for the Route 1 project commences, our exploration team remains laser focused on further defining and expanding this exciting discovery, as well as the peripheral work on the 190,000 hectares of prime land position with an additional 3,500 metre program at SW3 and geophysics on SW1 to identify new opportunities for growth. On construction, with approvals now secured, the company is set to commence full-scale construction of the Rook One project this coming Northern Hemisphere summer, advancing long-term economic benefits, skilled employment, sustainable regional growth and reinforcing Canada's leadership in nuclear energy. It's great to see our RUC1 project being recognised as a key pillar in the federal government's nuclear objectives for Canada. The team, procurement, engineering, vendors, contractors and capital are all in place. This readiness is underpinned by the deliberate assembly of a highly experienced team with deep expertise in hard rock mining, aligned with the unique basin rock setting of the deposit, and complemented by strong uranium processing capability and experience in the Athabasca Basin. Since founding the company in 2021, NextGen has built around elite standards. Elite standards in planning, discipline, accountability, and it is these ingrained standards combined with a highly experienced project team representing more than 2,900 years of combined global experience across underground mining, uranium milling and major project execution that positions NextGen to deliver construction with the same consistency and rigour that has defined NextGen to date. We have advanced Rook One with a clear focus on discipline execution, drilling over 400,000 metres safely at an industry-leading cost efficiency, while investing approximately $748 million to date at Rook One. Throughout this period, we have consistently delivered meeting our commitments, maintaining strict cost control and meeting key milestones. That track record is the standard we carry into construction. Importantly, construction readiness is well advanced. Key elements are in place, including capital path procurement activities for the initial two years, including the shaft sinking contractor secured and engaged, and the freeze plant ready for delivery to site. Our $100 million exploration site infrastructure program initiated in 2025, inclusive of accommodation expansion to over 600 beds, road upgrades to enable more safe and efficient traffic flow, and the airstrip is on budget, schedule, and fully meeting the scope. This is a direct reflection of how we execute over the next four years. $2.2 billion in capex spent to build our project is made up of a number of $5 million to $100 million scopes, and we are executing the next phase successfully and early. Our approach is highly structured, with clear accountability and daily oversight across every aspect of the build with a view on operational efficiency. We will be hosting an investor update call in the near future to transparently present each phase of construction pathway with registration details to follow in May. We have strong financial flexibility supported by a cash position of over $1 billion at the end of Q1. We continue to access a range of highly creative financing options and are assessing these with discipline, ensuring we select the optimal path while preserving our current strength and flexibility. The world is changing fast and the role of energy is being redefined in real time. What was once a transition led by climate ambition is now driven by security, reliability and execution. The Middle East disruption has reinforced this shift exposing the fragility of global energy systems and accelerating the move towards stable, domestically controlled nuclear power. At the same time, electrification, AI and industrial growth are driving unprecedented demand for reliable baseload energy, positioning nuclear at the centre of the next phase of global development. As a result, uranium is no longer a cyclical commodity. It is a strategically critical resource and the market is approaching a tipping point where sustained demand and constrained supply will define the years ahead. NextGen's industry leverage to future uranium prices, optimised by our contracting strategy, combined with our uncontracted uranium resource, which totals currently 340 million pounds, makes NextGen the best positioned company in the uranium sector, to maximise returns and value for our investors. Thank you and I look forward to updating you on our progress throughout this transformative year. Now I'll open the call to questions.

Ladies and gentlemen, we will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. Should you wish to decline from the polling process, please press star followed by the number two. We will pause momentarily as callers join the queue. The first question today comes from Anthony Taglieri with Canaccord. Please go ahead.